Avatar director James Cameron once again proved that bigger may just be better when it comes to film making. The uber-director is rumored to have the most expensive movie on his hands, with the Avatar budget allegedly coming in at around $300 million. But the big spending could lead to an even bigger pay-off. Critics are raving about the action-adventure love story – which Roger Ebert called “an extraordinary film” – and it’s currently got a 91% favorability rating on Rotten Tomatoes. Not bad for a movie about blue aliens, eh?

Cameron’s got some interesting competition in the Best Directing category this year, most noticeably his ex-wife Kathryn Bigelow, whose indie hit The Hurt Locker raked in eight nods. 32-year-oldJason Reitman is also nominated for writing and directing Up in the Air (send him a congrats note on Twitter), as are both its leading ladies (Vera Farmiga, Anna Kendrick) for Best Supporting Actress. Think either of them have a chance against Mo’Nique (Precious)?

Check out all the categories, nominees and a giant photo gallery below. Plus, watch the show live on VH1 on Jan. 15 and enter to win a pair of tickets by visiting PrimeOutlets.com/Hollywood. (Full details on the trip at the bottom of the post!)